Virginia

BRADENTON, Fla. — Boosted by the popularity of Build America Bonds and refunding opportunities, issuers in the 11 states that comprise the Southeast region sold $34.5 billion of municipal bonds in the first half of 2010, up 7.4% over the same period last year.

WASHINGTON — Virginia posted a preliminary fiscal 2010 surplus of at least $220 million as income and corporate taxes rebounded, reversing a $1.8 billion budget shortfall the state faced six months ago.

WASHINGTON — The Virginia Public School Authority on Wednesday expects to competitively sell $73.2 million of direct-pay, qualified school construction bonds, using them for the first time under the new federal subsidy interest-rate option designed to open the securities to a larger pool of buyers.

WASHINGTON — Virginia is reviewing its public-private partnership program to ensure the state can most efficiently leverage private funds as its transportation revenues have dwindled amid the economic recession.

Two bond-issuing authorities in Virginia entered into a voluntary closing agreement with the Internal Revenue Service to preserve the status of $74.3 million of bonds after one of them sold its waste-to-energy facilities, which were financed with the bonds, to Wheelabrator Portsmouth Inc.

WASHINGTON — Virginia on Wednesday expects to competitively price $492.7 million of transportation bonds — the state’s first bond offering from a $3 billion debt program approved in 2007.

A U.S. district court judge last week dismissed a lawsuit against the Metropolitan Washington Airports Authority that contested its right to collect toll revenues that secure more than $900 million of MWAA's outstanding bonds. The bond proceeds are helping to finance the system's expansion of rail service to Washington Dulles International Airport.

The Virginia Resources Authority expects to price $109.9 million of new-money clean water bonds next week.

Two of Virginia’s triple-A counties, Arlington and Fairfax, have released manager-proposed fiscal 2011 budgets that address revenue shortfalls and seek to maintain top-tier credit ratings.

Standard & Poor's last week downgraded Hampton University to A-minus from A-plus based on increasing debt and business risk related to the university's Proton Therapy Institute.

The Virginia General Assembly is weighing legislation that will require more disclosure from local issuers on the bonds they issue. It also is considering the authorization of almost $4 billion of general obligation bonds for transportation projects.

WASHINGTON — The Virginia Housing Development Authority this week expects to sell $107.3 million of homeownership mortgage bonds as part of its second act under the Treasury Department’s New Issue Bond Program.

Virginia’s new governor, Robert F. McDonnell, told lawmakers on Monday the state must retain its business-friendly environment, in part by barring tax hikes in the fiscal 2011 and 2012 budget. The state faces a $4 billion budget shortfall.

WASHINGTON — The Metropolitan Washington Airports Authority yesterday announced a financing team for $250 million to $600 million of bonds it plans to sell in the spring to help finance the Dulles International Airport Metrorail extension.

Sean Connaughton, appointed by governor-elect Robert F. McDonnell to be secretary of transportation, will be jumping into his new position a month after the Virginia Department of Transportation lowered its revenue estimates for fiscal 2010.

More than $1 billion of bond-financed projects planned by Virginia could be delayed as the state’s new governor confronts billion-dollar deficits for fiscal 2010 and 2011.

Henrico County last week sold Virginia's first recovery zone economic development bonds in a $9.8 million deal.

WASHINGTON — The Virginia College Building Authority tomorrow expects to competitively sell $237 million of revenue bonds for nine public higher education institutions, which may lose up to 15% of their state aid this fiscal year.

Fauquier County Friday received an upgrade to AA from AA-minus on its outstanding general obligation bonds from Standard & Poor’s.

WASHINGTON — The Virginia Resources Authority on Thursday expects to sell $173.3 million of municipal bonds, including $68.7 million of direct-pay Build America Bonds, in a pooled transaction to make loans to 15 local borrowers for infrastructure and other projects.